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OKX's Singapore entity, OKX SG, has received a full Major Payment Institution license (MPI) from the Monetary Authority of Singapore (MAS).
The exchange was awarded In-Principle Approval (IPA) by the Singapore regulator in March, which allowed it to provide digital payment tokens and cross-border money transfer services in Singapore.
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OKX SG's full license now permits it to offer digital payment token and cross-border money transfer services, including spot crypto trading for Singaporean investors.
Additionally, the exchange appointed former MAS official, Gracie Lin, as the CEO for its Singapore arm. Before joining OKX in March, Lin served as Managing Director for Strategy and Economics at Grab, Vice President in the sovereign wealth fund, GIC, and Deputy Director as Head of Money Markets in MAS.
In a blog post, Lin said: “Born and raised here, I've always looked for ways to make a difference in Singapore. I've been fortunate to have had opportunities to do so in my previous roles at MAS, GIC and Grab. I believe OKX SG is the perfect launchpad to contribute on an even greater scale.”
She adds: “I've taken on this challenge because I believe that crypto represents the next frontier of innovation, and Singapore plays a significant role in adoption. I'm confident that we're well-placed to connect Singapore customers with the onchain world in a secure and seamless way.”
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In May, OKX withdrew its application for a virtual-asset trading platform license (VATP) in Hong Kong, following in the footsteps of Gate.HK and Huobi.
"After careful consideration of our business strategy, we've decided to withdraw OKX HK's VASP license application at this time," the exchange said.
OKX, which is the second-biggest crypto exchange by volume, ceased providing centralized virtual asset trading in Hong Kong on 31 May.
